The Cable
remains a bull market. The distribution territory at 1.6900 would soon be
breached to the upside.
EUR/USD: This is a bull market in spite of the volatile movement
that was experienced last Friday. The support lines at 1.3850 and 1.3800 would
proffer some difficulties for the bears, especially when they try to push the
price downwards. The target for this week is at the resistance line of 1.3900.
USD/CHF: The USD/CHF is a bear market, plus the volatile movement
that occurred on Friday did not succeed in overriding the bearish outlook. The
USD/CHF is below the resistance level at 0.8800, going downwards. The first
target for this week is at the support level at 0.8750. When the price succeeds
in breaching the support level to the downside, it may then target another
support level at 0.8700.
GBP/USD: The Cable remains a
bull market. The distribution territory at 1.6900 would soon be breached to the
upside. This distribution territory has been challenged before the current
minor pullback which has failed to take the price below the accumulation
territory at 1.6850.
USD/JPY: This currency trading instrument has been
difficult to trade in recent times. Swing and position traders may need to wait
for the momentum that is expected this week, before they take a position. The
dominant bias in the market is currently neutral. The price broke above the
supply level at 102.50, testing the supply level at 103.00. This has proven to
be a false breakout because the price was unable to stay above the supply level
at 102.50. It needs to break above this supply level and remain above it or
below the demand level at 102.00 and remain below it before we can have a
sustained breakout.
EUR/JPY: This market has
been able to maintain the bullish bias on it. The bullish bias is not yet
strong, but it would become noteworthy when the price breaks the supply zone at
142.00 to the upside or the demand zone at 141.50 to the downside.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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